The Lone Peak claims cover Lone Peak between the Wild Horse River and Mause Creek, approximately 21 kilometres north east of Cranbrook. The property was purchased by Golconda Resources in 2001 from local prospector Brian Kostiuk.

Two zones of mineralization occur on the property. The first containing visible gold in quartz veins in meta-siltstones and quartzites of the Kitchener Formation. The other, known as the ‘copper zone’ occurs 300 metres down slope of the first and contains disseminated clots of bornite in a 1 to 2 metre thick quartzite unit within the Creston Formation.

During 2001, Golconda Resources performed preliminary geologic mapping and sampling. Grab samples from sheeted quartz veins, up to 10cm in width, of the Kitchener Formation returned up to 32.0 grams per tonne gold. Other samples taken from the northern part of the property in the Creston Formation returned up to 200 grams per tonne silver, 1.0 per cent lead, 4.0 grams per tonne gold and 2.0 per cent copper (Property File - Whale, A. (2002): Letters Re: Activity reports - Lone Peak). The next year Golcanda Resources completed a number of drill holes on the Spar Lake quartzite horizon, near the top of the Creston Formation and reported the discovery of sheeted quartz veins containing visible gold.